By Coronavirus budget sees freeze on fuel, beer & wine costs
As part of the government’s response to Coronavirus, it has been announced that the 2020 budget will see fuel, beer, wine and spirit costs frozen.
The impact of Coronavirus has already seen stock markets plummet. Chancellor Rishi Sunak has now unveiled a £30bn package in an attempt to protect the UK economy in the event of a severe Coronavirus outbreak.
Concerns for the UK economy grew on Wednesday when the Office for National Statistics revealed figures to show there was zero growth in the UK economy in the three months between the start of the coronavirus outbreak and January 2020.
Mr Sunak has warned of a “significant but temporary disruption” to the UK economy due to COVID-19 and admitted that many Britons would likely be worrying about their health, finances and future of their businesses. But, he also vowed that the government is “doing everything” it can to keep the UK safe, healthy and financially secure.
The budget will include a business rates holiday for retail, leisure and hospitality firms with a value of under £51,000. Mr Sunak has also announced that the government will fully meet the cost of providing statutory sick pay for workers self-isolating for 14 days for small businesses with fewer than 250 employees.
They are also offering help for the self-employed with a £500m welfare boost and new £500m hardship fund, as well as a £3,000 cash grant to businesses eligible for small business rates relief.
Among other things, the budget also includes:
- An intital £5bn emergency response fund for NHS and public services, followed by £6bn in new money for the NHS.
- Extra funding for taxman to secure money from tax evaders and avoiders.
- No VAT on sanitary products from January one we have left the EU.
- £5bn to bring superfast broadband to rural areas and £510m for a shared rural mobile phone network.
- Levy on electricity frozen from April 2022 in favour of rise on gas.
Confirming other Tory manifesto pledges, Mr Sunak announced that the National Insurance threshold will increase from £8,632 to £9,500.
This follows action by the Bank of England, who have cut interest rates and offered help for businesses in an emergency move earlier on Wednesday.
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